Revolution of CG posted a video claiming that 2009 is like 1979 in terms of economics and blaming Obama for being a repeat of Jimmy Carter. As an economist I felt compelled to dispel this vision in a video reply.
Our current problem is a liquidity trap and deflationary pressures caused by a burst consumer debt bubble, not inflation and a Federal Reserve trying to fight inflation. In the 1930s things started to get better when we hired the unemployed for public works projects like WPA, CCC and TVA. The late '30s also saw a "Great Compression" where income inequality was sharply reduced.
The Reagan revolution not only made growing inequality and median income stagnation possible, but it also created the financial conditions for debt bubbles to form, leading to today's woes. If you want to fix the economy, the answer won't come out of Ayn Rand or Milton Friedman. You're better off looking to Krugman, Stiglitz or Reich.
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